One crucial aspect of retirement planning is considering when to start taking your social security benefits. There are many factors and considerations involved in making this decision, including assessing your personal health and financial needs and understanding the impact of potential penalties or bonuses associated with different claiming strategies.

A Roth IRA account is a retirement account to which you can contribute after-tax dollars. Since you’ve already paid tax on the money being invested into the Roth IRA, your contributions and the earnings on those contributions can grow tax-free and be withdrawn tax-free.